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“To be honest right now, everyone is affected,” Bybit’s Jan says

Author: Content Editor
Crypto exchange ByBit has confirmed that a suspected hack of one of its cold wallets has resulted in the theft of almost $1.4 billion in Ethereum. The exchange's head of derivatives and Institutions, Shunyet Jan, stated that "everyone is affected" by the incident, although it is unclear how exactly this is the case since only the ETH cold wallet was compromised. Bybit has temporarily halted withdrawals, preventing users from accessing their other assets. It is worth noting that 70% of Bybit's total ETH holdings were stolen, meaning that a majority of ETH holders are directly affected. Bybit has assured users that other assets in its hot and cold wallets remain safe, and retail withdrawals are still being processed with the help of some partner organizations. However, the exchange has stated that it will not be buying ETH from the open market to compensate for users' losses.

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